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- 1 The Core Node Research team is working on IOTA staking and delegation to validators.
- 2 IOTA was trading at a market price of $0.1864 at publication time.
The internet of things (IoT) focused project, MIOTA (IOTA), has released its progress report for the second quarter of 2023. The project’s L-1 network, Shimmer, released the ShimmerEVM testnet recently. Since its inception, the protocol has operated flawlessly with an average block time of 800 m/s.
IOTA’s Future Looks Promising
ShimmerEVM has processed over 3 Million blocks and 15 Million transactions according to the network’s official blog. Additionally, transactions peaked to 1.8 Million in a day following Treasures of Shimmer Test & Earn and Play & Earn campaigns.
Almost all the IOTA community members supported the establishment of Shimmer Community Grant Community and Shimmer Growth Committee, a couple of fund and growth management committees. Additionally, governance for ShimmerEVM is still underway.
The project’s Core Node Research team has transferred GoShimmer functionality to their node software Iota Core, their latest node software. Moreover, the team is working on IOTA staking and delegation to validators. A congestion management protocol is being developed for usability and accountability of the protocol.
The IOTA Protocol Research team is finalizing parameter setting and user experience details for protocol and developing the IOTA Core. The team also presented a couple of research papers during IEEE ICBC in Dubai dubbed ‘Mitigation of liveness attacks in DAG-based ledgers’ and ‘TangleSim: An Agent-based, Modular Simulator for DAG-based Distributed Ledger Technologies.’
IOTA’s Programmability Working Group is involved in blockchain research based on unspent transaction output (UTXO). The Tangle Dynamics Working Group’s research papers were accepted for a presentation at the International Congress on Blockchain and Applications.
Other groups including Finalization Research Working Group and Congestion Control Working Group also made significant improvements in their areas. The former advanced in Slot Commitment Chain switching rule while the latter finalized Mana burn proposal.
Additionally, the Zero-Knowledge (ZK) Working Group finalized a report associated with integration of IOTA and ZK Proof providers. There were a lot of updates throughout the quarter that paints a positive picture for the protocol. The project’s regulatory affairs team is also actively involved in international regulatory matters.
The Coin Has Lost Over 30% Value Since February
Crypto sector recently witnessed a clampdown from the United States regulatory watchdog, Securities and Exchange Commission (SEC). The government agency labeled a bunch of virtual currencies as unregistered securities. The market saw a lot of panic sellers emerging during a certain period, leading to a decline in a majority of crypto assets.
IOTA was trading at a market price of $0.1864, up by 0.7% in the past 24 hours. The crypto asset traded at a high of $0.274 in February 2023, losing almost half the value by June. However, the token started to recover in June, registering nearly 20% growth.